# NETCAPITAL INC. (NCPL) · Edgar & Edgarette company card

> Netcapital (NCPL) saw revenue fall 82.4% in FY2025 to $1 million, operating margin -957% against a -6.4% median for finance services, equity 71.3% of assets. Every figure is from the company’s own annual report filed with the SEC.

SEC CIK 1414767 · fiscal year ended 2025-04-30 · 5 audited years read · [page](https://www.pops4.com/boards/company/NCPL) · [JSON](https://www.pops4.com/boards/company/NCPL.json)

## Figures, as filed in the 10-K

| Measure | Value |
|---|---|
| Revenue | $869,460 |
| Revenue growth, 1 year | -82.4% |
| Revenue growth per year | -34.5% |
| Operating margin | -957.1% (prior year -69.5%) |
| Net margin | -3255.0% |
| Operating cash flow | −$5M |
| Capital spending | — |
| Free cash flow | — |
| Cash | $289,428 |
| Long-term debt | $500,000 |
| Total assets | $21M |
| Total equity | $15M |
| Equity ÷ assets | 71.3% |
| Return on equity | -189.9% |
| Dividend per share | — |
| Dividend years rising | — |

## Readings, computed from those figures

- Piotroski F: 1 of 9 (weak)
- Health Harbor boat: Rotting at the dock · four or more warning signs · filed late annual report notice, earlier statements no longer to be relied on, late quarterly report notice, auditor change in the last 12 months; operating cash flow was negative (-$5.3M in FY2025); operating loss: a margin of -957.1% in FY2025; revenue is hard to predict: its 80% range is ±73%

## Edgarette's reading

Exposure: revenue $869K (FY2025), total debt $500K. Experience: revenue down 82.4% on the year, down 34.5% a year over 4 years; operating margin -957.1%, down from -69.5%. Soundness: equity 71.3% of assets, return on equity -189.9%. Credibility: four or more audited years, moderate weight, marked down from reasonable: on 2026-08-18 the company said earlier statements should no longer be relied on (8-K Item 4.02), and no 10-K has been filed since. Range: 80% of past cases like this landed between $123K and $772K next year (method v4.1: its own 5-year record of growth weighed at 57% against under $50M filers; across 2019–2025, 69.0% landed inside, 83.4% on the one year the method never saw). In a shock year the stress range is $108K to $880K. A statistical range, not company guidance. Against peers (36 filers, $50M+ revenue, finance services): operating margin -957.1% against a -6.4% median; growth -82.4% against 16.8%.

## Health Watch, last 12 months

- Item NT 10-K Late annual report notice: 1, latest 2026-07-29 ([filing](https://www.sec.gov/Archives/edgar/data/1414767/000149315226035191/0001493152-26-035191-index.htm))
- Item 3.01 Exchange listing notice or transfer: 5, latest 2026-10-14 ([filing](https://www.sec.gov/Archives/edgar/data/1414767/000149315226047004/0001493152-26-047004-index.htm))
- Item 4.02 Earlier statements no longer to be relied on: 1, latest 2026-08-18 ([filing](https://www.sec.gov/Archives/edgar/data/1414767/000149315226038853/0001493152-26-038853-index.htm))
- Item NT 10-Q Late quarterly report notice: 1, latest 2026-03-17 ([filing](https://www.sec.gov/Archives/edgar/data/1414767/000149315226010624/0001493152-26-010624-index.htm))
- Item 4.01 Auditor change: 2, latest 2026-10-14 ([filing](https://www.sec.gov/Archives/edgar/data/1414767/000149315226047004/0001493152-26-047004-index.htm))
- Item 5.02 Director or officer change: 4, latest 2026-09-03 ([filing](https://www.sec.gov/Archives/edgar/data/1414767/000149315226041397/0001493152-26-041397-index.htm))

## Recent filings

- 8-K · filed 2026-10-20 · 1.01 Entry into a Material Definitive Agreement; 2.03 Creation of a Direct Financial Obligation; 3.02 Unregistered Sales of Equity Securities; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1414767/000149315226047783/0001493152-26-047783-index.htm)
- 8-K · filed 2026-10-14 · 3.01 Notice of Delisting or Failure to Satisfy a Listing Rule; 4.01 Changes in Registrant's Certifying Accountant; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1414767/000149315226047004/0001493152-26-047004-index.htm)
- 8-K · filed 2026-09-25 · 3.01 Notice of Delisting or Failure to Satisfy a Listing Rule; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1414767/000149315226044363/0001493152-26-044363-index.htm)
- 8-K · filed 2026-09-03 · 5.02 Departure or Election of Directors; Appointment of Officers; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1414767/000149315226041397/0001493152-26-041397-index.htm)
- 8-K · filed 2026-08-28 · 3.01 Notice of Delisting or Failure to Satisfy a Listing Rule; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1414767/000149315226040478/0001493152-26-040478-index.htm)
- 8-K · filed 2026-08-25 · 5.02 Departure or Election of Directors; Appointment of Officers; 8.01 Other Events; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1414767/000149315226040042/0001493152-26-040042-index.htm)

## Sources

- facts: https://data.sec.gov/api/xbrl/companyfacts/CIK0001414767.json
- filings: https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1414767

## Cite

POPS4, Edgar & Edgarette: NETCAPITAL INC. (NCPL) company card, from the company's own SEC filings, accessed 2026-11-04, https://www.pops4.com/boards/company/NCPL. CC BY 4.0. For a figure, add the filing URL under filings or sources.

DOI https://doi.org/10.5281/zenodo.23672509 · catalog https://www.pops4.com/boards/catalog.json · Figures as filed with the SEC. Card text CC BY 4.0, POPS4.

Reporting, not investment advice. No price targets and no trading recommendations.

Figures are as filed in audited 10-K reports and can move with restatements, acquisitions, disposals or a change in fiscal year. A range set from how past company-years turned out is not a promise about the next one, and says nothing about the share price.